A jewelry appraisal can be one of the most important documents you need to acquire. Appraisals are used by insurance companies, banks, courts and some government agencies. The appraisal must meet certain requirements for each purpose. The appraisal needs to be done by a recognized professional jeweler who can provide accurate information and documentation to the quality and value of the jewelry. The appraisal is an informed opinion given on the authenticity, quality, value and design of a gem or article of jewelry. The opinion is backed by the jeweler^s appraisal training, market experience, and gemological testing equipment.

Retail Replacement ValueInsurance companies will require the retail replacement (new) value before they will insure jewelry beyond a certain dollar amount. This appraisal record is used by the insurance company to determine the insured amount for jewelry that is lost, damaged, or stolen.

Fair Market ValueA fair market value is often an estimate of what a willing buyer would pay to a willing seller, both in a free market, for an asset or any piece of property. If such a transaction occurs, then the actual transaction price is usually defined as the fair market value.

Jewelry InsuranceHomeowners and Rental tenants insurance policies commonly include coverage for personal property with the value of jewelry included up to a certain limit.

Appraisal UpdateWe recommend that you have an updated jewelry appraisal done at least every 5 years.